• April 29, 2024
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Titagarh Rail scales 52-week high on strategic tie-up with ABB India

Titagarh Rail scales 52-week high on strategic tie-up with ABB India

The partnership covers an agreement for Titagarh to purchase ABB propulsion systems including traction converters, auxiliary converters, traction motors and TCMS software.

ABB India

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The share price of Titagarh Rail Systems touched a 52-week high and ABB India shares were up nearly a percent in the early trade on November 21 as both the companies formed a strategic partnership for the supply of propulsion systems for metro rolling stock projects in India.

At 9:24am, ABB India was quoting at Rs 4,375.00, up Rs 29.10, or 0.67 percent. Titagarh Rail Systems has touched a 52-week high of Rs 1,023.60 and quoting at Rs 1,008.10, up Rs 72.05, or 7.70 percent.

The partnership covers an agreement for Titagarh to purchase ABB propulsion systems, including traction converters, auxiliary converters, traction motors and TCMS software.

It also includes securing the manufacturing rights and production licence for traction motors along with the complete transfer of technology of the GoA 4 (Driverless metro) TCMS software from ABB to Titagarh.

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“This strategic partnership with Titagarh will provide the strong foundation to enter and expand our footprint in this key market, while also supporting the efforts to make rail transportation in India sustainable through our energy efficient technology, fully produced in India,” said Edgar Keller, president of traction business at ABB.

ABB India posted a 79 percent rise in its net profit to Rs 362 crore in the September quarter and total income increased to Rs 2,846.01 crore.

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